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Today’s letter is brought to you by Sidebar!Ready to take your career to the next level? Make your transition successful by leveraging a Personal Board of Directors. A trusted peer group, with battle-tested perspective, and proven playbooks, to have real, tactical discussions with to propel you forward. With Sidebar, senior leaders are matched with a small group of highly-vetted, private, and supportive peers to lean on for unbiased opinions, diverse perspectives, and raw feedback. Everyone has their own zone of genius. Together, we’re better prepared to navigate professional pitfalls and push each other to do more, do it better, and do it faster. “Providing and receiving support from others who play a similar role to you is one of the best ways to grow your capabilities and succeed.” - Vice President, Roku “You’re the average of the people you keep closest; Sidebar helps you raise that bar.” - Global Director, Reddit “Tap into a new level of coaching support, professional development, and peer-driven accountability.” - Senior Director, Credit Karma Why spend a decade finding your people – join Sidebar today. Join the growing waitlist of over 5,000 top senior leaders, and apply to become a founding member. To investors, The national debt problem is very quickly getting much worse. We saw an increase of $275 billion added to the debt in a single day and as it was pointed out online, the US is on track to add $1 trillion to the national debt in a single month. This is bonkers. The United States now has $33.442 trillion in debt. We have not run a budget surplus since 2001, which means we have had 22 years of mismanagement, regardless of which political party is in power. Last year, the national government collected $4.9 trillion but spent $6.27 trillion. This created a budget deficit of $1.38 trillion, which is the fourth-highest of the 21st century. Not all of the politicians are asleep at the wheel though. Earlier this week, in a story that went largely uncovered, Indiana Congresswoman Victoria Spartz threatened to resign unless a national debt commission is formed. Here was part of her statement: “I’ve done many very difficult things being one woman standing many times with many very long hours and personal sacrifices, but there is a limitation to human capacity. If Congress does not pass a debt commission this year to move the needle on the crushing national debt and inflation, at least at the next debt ceiling increase at the end of 2024, I will not continue sacrificing my children for this circus with a complete absence of leadership, vision, and spine. I cannot save this Republic alone.” That is what we call a strongly worded statement. The problem is just starting though. High interest rates are creating a horrible feedback loop of high interest payments on the national debt. According to Scarlet Fu at Bloomberg: “The US government is currently spending more to pay interest on its $33 trillion national debt than it does on national defense, according to the US Treasury’s monthly statement. In the current fiscal year through August, the Treasury has spent $807.84 billion in interest on its debt securities. The Department of Defense’s outlay for military programs totaled $695.44 billion in the same period.” Spending more money on interest payments than the defense budget seems outrageous. Then again, it is 2023 so are we actually surprised by anything insane these days? I have a confession to make—I was shocked to see $275 billion added to the national debt in a single day. There are few things that surprise me anymore, but that one had my jaw on the ground. I wish I knew the solution. Unfortunately, it appears that a perpetual deficit is the name of the game for the government. You have to wonder if we would even know what to do with a budget surplus if we pulled off a miracle and created one. As the old saying goes, “no one is coming to save you.” You have to start thinking about how you will save, invest, and drive income in a world with an ever-increasing national debt. Because that is exactly where it looks like we are headed. Hope you have a great day. I’ll talk to everyone tomorrow. -Pomp Lulu Cheng Meservey is the Executive Vice President of Corporate Affairs and Chief Communications Officer at Activision Blizzard. This conversation was recorded at the BUILD Summit in New York. In this conversation, Lulu breaks down how you can cut through the noise and make people care about what you're doing, how to tailor your message to people externally & internally, tactics you can use, how to prepare for a crisis way before it comes, and Lulu breaks down why there is no peace time. Listen on iTunes: Click here Listen on Spotify: Click here Earn Bitcoin by listening on Fountain: Click here How To Handle The Mainstream Media As A Startup FounderPodcast SponsorsTrust & Will - Estate planning made easy. They are fast, secure, and simple to use. Get your will or trust created today. Auradine - A new bitcoin miner powered by the world’s first 4 nanometer silicon chip technology. Velo Data: Do you want faster, easier crypto data? Sign up for Velo Data, a new product that we have been working on to solve this problem. You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. You're currently a free subscriber to The Pomp Letter. For the full experience, upgrade your subscription.
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